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RBS £8 Billion Loss Shows Risk In UK Banking System

By January 30, 2014No Comments

Today’s AM fix was USD 1,254.75, EUR 917.89 and GBP 756.42 per ounce.
Yesterday’s AM fix was USD 1,253.50, EUR 919.12 and GBP 757.04 per ounce.

Gold and silver rose by more than 1% on the COMEX today. Gold was $15.70 higher to $1,269.80 per ounce and silver rose $0.20 to $19.78/oz.

Traders eagerly await news from the Fed. The recent tapering of the central bank’s bond-buying program by $10 billion to $75 billion a month is already largely priced into the market contrary to much idle speculation.

RBS is to stop providing dozens of currency benchmarks, as regulatory rate rigging probes raise doubts about the integrity of daily price fixings in the global foreign exchange and gold markets.

In a memo to clients, the bank said that it would limit its offering of foreign exchange benchmarks to a handful of price fixings, and that it would wind down its internal benchmark, called RBS Fix.

Nearly six years after the financial crisis and its massive bailout, it looks like business as usual by the bankers in RBS and in the City of London and Wall Street.

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